Economics MCQs

A. Paid for all goods exported by the home country
B. Received for all goods exported by the home country
C. Received for exports and paid for imports
D. Of primary products as opposed to manufactured products

A. Shift out in a parallel fashion
B. Shift in a parallel fashion
C. Become steeper
D. Become flatter

A. Constant opportunity costs
B. Decreasing opportunity costs
C. First increasing and then decreasing opportunity costs
D. Increasing opportunity costs

A. 1/2 y
B. 3/4 y
C. 1 y
D. 4/3 y

A. 1w = 1b
B. 1w = 2b
C. 1w = 3b
D. 1w = 1/3b

A. Wine
B. Beer
C. Both wine and beer
D. Neither wine nor beer

A. 2
B. 1/2
C. 00
D. 1000

A. Product x
B. Product y
C. Neither x nor y
D. Both x and y

A. A would export x to b
B. B would import y from a
C. Neither country would want to trade
D. None of the above

A. Countries will completely specialize in the production of export goods
B. Considerable trade will occur between countries with different levels of technology
C. Small countries could obtain of the gains from trade when trading with large countries
D. All of the above